Block's gross profits rose 38% to $1.57 billion, but expenses rose by nearly one-half, resulting in a net loss of $18.7 million, significantly worse than the $3 million loss in Q3 2021.
MicroStrategy's three-month revenue suffered a 2.1% slump from last year as the BTC token, which founder Michael Saylor heavily bet on, found itself in the doldrums following an epic 'crypto' crash.
According to reports on October 25, Block had tapped Perry Hothi, former chief technology officer for Argo Blockchain PLC, to help spur Block’s BTC mining ambitions.
District of Columbia Attorney General Karl A. Racine announced that his office was suing the MicroStrategy founder over allegedly having “lived in the District for more than a decade but has never paid any D.C. income taxes.”
BSV thought leader Joshua Henslee paints a picture of utter carnage in the digital currency industry with the recent crackdowns on popular exchanges, lending platforms, and other companies.
MicroStrategy also announced that Michael Saylor is giving up his CEO position to take up a new role as Executive Chairman while retaining his status as Chairman of the Board.
On an earnings call this week, CFO Phong Le revealed that MicroStrategy had missed its earnings predictions by almost 800% and faces impairment expenses of over $170M on its digital asset holdings.
The U.S. Securities and Exchange Commission, headed by Gary Gensler, has objected to MicroStrategy’s adjustment for Bitcoin impairment charges using non-GAAP measures.
MicroStrategy executives have sold off nearly US$175 million in company stock over the past year, cashing in on a bull run in both company share and BTC prices.
An outsider to the digital asset world, Jon Gordon invites CoinGeek's Bitcoin Historian Kurt Wuckert Jr. to the Positive University to explain Bitcoin and what the past decade has been all about.
It looks like Michael Saylor, the chairman, president and CEO of MicroStrategy, does not quite understand how Bitcoin works.